Contracts

I am about to leave my current employment for a job at a pro firm. They tell me they have no offer letters/contracts to sign. Do I press the firm for some sort of written documentation of my employment before I accept to ensure that they don't DK me when I show up for work in a month? Does this sound sketchy to anyone?

Originally posted by nkotb I am about to leave my current employment for a job at a pro firm. They tell me they have no offer letters/contracts to sign. Do I press the firm for some sort of written documentation of my employment before I accept to ensure that they don't DK me when I show up for work in a month? Does this sound sketchy to anyone?

Thanks

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You can not become a member of a firm without a contract. This is as much to protect you as the firm. You must see their obligation to you, and you must see what is expected of you. I assume you are putting up little or no money, but don't let that stop you from demanding to see full disclosure...heck they could come after your house, garnish future wages, keep your profits, all sorts of things.

We have traders who are still waiting to get their profits back from other firms where they did have contracts, I can't imagine how bad it would be without a contract.

Thanks Don - you know I would agree 100% yet this firm says they do not have contracts with any of their traders/trainees. I am coming on as a trainee putting up $0. The firm has been mentioned in a few threads already as having good traders. I guess good traders does not necessarily equal good business model.

Originally posted by nkotb Thanks Don - you know I would agree 100% yet this firm says they do not have contracts with any of their traders/trainees. I am coming on as a trainee putting up $0. The firm has been mentioned in a few threads already as having good traders. I guess good traders does not necessarily equal good business model.

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I can guess which firm...and I know of people who have made $$$ and then (later) had the "arrangement" re-explained to them...and ended up with lawyers and all that. I cannot imagine going into any business deal without at least a "memorandum of understanding" where you both sign it. In any case, I wish you the best of luck.....in all aspects of your venture!!

Originally posted by stevet for what its worth - i dont agree about u needing a contract - that is if you are not putting up any money, and they are going to teach you to trade

there will be a point where you have learned and then you should make sure you have a fair deal - but up to them you aint worth zip

kids go to school and university for years - no guarantees and end up with crap jobs

if you got offered a spot - dont delay - get in - learn and then get the agreement right

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If you were going to school, and at the same time the school is making money from your abilities, I would want to know how I was paid, how long I had to be a "student" - the "buy out of the contract" - etc.

Originally posted by nkotb Thanks Don - you know I would agree 100% yet this firm says they do not have contracts with any of their traders/trainees. I am coming on as a trainee putting up $0. The firm has been mentioned in a few threads already as having good traders. I guess good traders does not necessarily equal good business model.

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I don't know, it sounds better than being locked into a contract as a trainee. Once you learn to trade on their nickel, you can go somewhere else with a better deal. What would be bad is if you were in a contract where you had to give them X% of your earnings for N years and you got the hang of trading in 6 months, but were stuck there giving them your profits.